The BMRCL (Bangalore Metro Rail Corporation) was previously grappling with raising ample funding for projects in a timely manner. However, the BMRCL is now optimistic about the premium floor area ratio introduction. The new mechanism for fund raising could garner approximately 10% of the Rs. 36, 000 crore needed for generating ample funds for three metro network phases covering 118 kilometres in all. Once the new FAR guidelines have been notified, people who wish to build added floors in areas where the metro comes up will have to pay more in fees to the Bangalore Government. These fees will be used for funding the metro network.
BMRCL has stated that mass transit systems based on the railways will always lead to an appreciation in real estate prices in areas where these pass through. Transit-oriented development concepts will always work with realty players in Bangalore and help the metro project get ample funding as well. New Delhi has a similar blueprint where higher FSI has been encouraged for structures which are located within 500 metres on both sides of metro railway lines and also on key transportation corridors.
Owners of land in Bangalore whose property is located within a radius of 150 meters from metro stations get premium FAR of around 4. This indicates that plots of 1, 000 sq. ft. can come with 4, 000 sq. ft. of built-up areas. The added FAR between 1.5-3.25 will be allowed based on factors like the width of roads. Reports state that the BMRCL can notch up around Rs. 500 crore from the ORR (Outer Ring Road) and the funds generated will be used for raising funds for the KR Puram-Silk Board project in its second phase.
This stretch covers 17 kilometres and the BMRCL is also counting on raising 10% of project costs for the Phase II 72 kilometer venture and proposed airport line of 29 kilometres. The notification for the premium FAR will be released soon according to reports. Bangalore is witnessing the development of several big-ticket realty projects including the likes of Sowparnika Indraprastha, Godrej Eternity Life Plus and Puravankara Provident Park Square among others in various locations. This new development will definitely give a major boost to connectivity through faster implementation of the metro project while real estate projects will sprout up in various areas of Bangalore which will also be transformed into high-value and coveted realty zones as a result.
